Definition of Credit union:
A non-profit union whose members can borrow at low interest rates.
A credit union is a type of financial union that provides traditional banking services. From small volunteer work to large corporations with thousands of participants across the country, credit unions can incorporate large corporations, organizations, and other businesses for their businesses and members.
Financial cooperatives are formed by and through partners who are depositors, lenders and shareholders. Nonprofit credit unions offer a number of banking services, such as: B. Loans to consumers and businesses (usually below market rates) and term deposits (usually with low interest rates). Market interest rates), credit cards and guarantees. Credit unions generally pay lower taxes than those charged by commercial banks and other financial institutions. Its members often share common bonds, such as jobs in the same company or residences in the same community. Credit unions are a kind of interrelationship.
Credit institutions are established, owned and managed by participants. As such, they are tax-exempt non-profit corporations.
Synonyms of Credit union
Union, Rochdale cooperative, Bank credit, Confederacy, Consumer cooperative, Credit insurance, Borrowing power, Combination, Coalition, Ring, Axis, Common market, College, Tax credit, Society, Confederation, Line of credit, Partnership, Bloc, Bund, Council, Never-never, Bank, Credit, Association, Installment credit, Hock shop, Pawnshop, Free trade area, Alliance, Combine, Consumer credit, Assemblage, Gang, Book credit, Customs union, Group, Economic community, Credit rating, Investment credit, Finance corporation, Lending institution, Trust, Federation, Grouping, Tick, Pawnbrokery, Pawnbroker, Cash credit, Corps, Mob, Band, Cooperative society, Mortgage company, Cooperative, Rating, Commercial credit, Hire purchase plan, Political machine, League, Machine, Installment plan, Body, Finance company
How to use Credit union in a sentence?
- However, credit unions have far fewer physical locations than most banks, which can hurt consumers who prefer personalized services.
- After years of using the bank, Kane found a credit union, fed up with all the hidden fees.
- Getting a credit card with interest rates from your credit union can also be helpful.
- Credit unions are exempt from corporate tax on their income.
- The best credit union is the Egeland Land Credit Union, as it is the best way to manage your money and you can always count on a smile when entering your business.
- Because of the personalized service and cheap equipment, teachers prefer to use their credit union rather than one of the big banks.
- Credit unions have fewer options than traditional banks, but they give their customers better interest rates and access to more ATMs because they are not traded publicly and only need to make that much money. ۔ Money for continuing daily activities.
Meaning of Credit union & Credit union Definition